The LEARNING library

Company Retirement Plan No Nos

Some of the most expensive money you can spend is the money from your company 401(k) before it matures.
A 2015 research study conducted by Boston Research Technologies in collaboration with Retirement Clearinghouse found that 34 percent of Millennials, 34 percent of Gen Xers and 24 percent of Baby Boomers have cashed out at least one retirement account during their careers, and that “a majority of retirement plan cash-outs are unnecessary – a product of convenience rather than need.” (CNBC)
We understand that circumstances in life make it tempting to dip into your company plan, but there are many reasons why this is a bad idea. One must consider the tax penalties and loss of compound interest, among other things.
Tune in today! Dennis is back from his Ed Slott conference and is ready to share some interesting, and valuable, information.